PDA

View Full Version : BREAKING NEWS: Michael Jordan Strikes Deal to Purchase the Charlotte Bobcats



ko8e24
02-27-2010, 03:22 AM
http://sports.espn.go.com/nba/news/story?id=4951410

CHARLOTTE, N.C. -- Michael Jordan has struck a deal to buy controlling interest of the Charlotte Bobcats, putting the former NBA superstar in charge of the money-losing team in his home state.

Traci Blunt, a spokeswoman for owner Bob Johnson, told The Associated Press that Jordan was able to put together an ownership group late Friday to buy the team he has been a part-owner of since 2006. Jordan has been running the team's basketball operations.

The purchase price and details of Jordan's ownership group -- called MJ Basketball Holdings LLC -- weren't immediately available. Blunt said Johnson would have no further comment.

Former Houston Rockets executive George Postolos also bid on the Bobcats and didn't immediately return a message seeking comment.

NBA commissioner David Stern announced at All-Star weekend that a deal was imminent, but the league's owners must still approve the purchase.

It will end Johnson's stint as the first black majority owner of a major professional sports team, while giving Hall of Famer Jordan a new venture.

Jordan won six NBA titles with the Chicago Bulls and has made millions selling sneakers, apparel and other items. Now he'll begin a completely different role trying to make the Bobcats a winner, and the franchise and Charlotte's downtown arena profitable.

After paying $300 million for the expansion franchise that began play in 2004-05, Johnson has lost tens of millions of dollars each season as the Bobcats have struggled to draw fans and find sponsorships.

Johnson, the founder of Black Entertainment Television, recruited Jordan to be a minority investor and gave him the final say on all basketball decisions.

Jordan has had a unique role with the Bobcats. While he has run the basketball operations, he's not officially a team employee and rarely attends practices or games, or does work on the marketing side of the operation.

Jordan has had some missteps -- drafting the disappointing Adam Morrison No. 3 overall in 2006 -- but he was also able to lure Hall of Famer Larry Brown to become coach at the beginning of last season.

Jordan and Brown have made seven trades involving 21 players since the start of last season. The November acquisition of Stephen Jackson from Golden State has helped Charlotte get into playoff contention in the Eastern Conference.

Mavrix
02-27-2010, 03:23 AM
What's MJ's net worth?

black1605
02-27-2010, 03:25 AM
thank god, im really glad this worked out

Chronz
02-27-2010, 03:27 AM
I cant believe he pulled it off, good thing for him cuz he was out if they found a new owner.

JiffyMix88
02-27-2010, 03:33 AM
Great news

ko8e24
02-27-2010, 03:36 AM
what's mj's net worth?

$6.49

JNA17
02-27-2010, 03:44 AM
MJ=owner of the bobcats

GCOOKIE7
02-27-2010, 03:48 AM
Greatest Owner Of All Time Period. Lol not but good for him.

Hellcrooner
02-27-2010, 03:55 AM
Bad Move.

as rich as he is, as much as he earned as aplayer and as much as he still makes from Snickers being an owner is a completey differnt league.

He is a MIdget money wise compared to the Likes of Allen, Cuban, etc.

This can lead directly to his bankrupcy and hving to unretire at 50 or play in europe or whatever so he does not end being a Homeless dude,

abe_froman
02-27-2010, 03:59 AM
Bad Move.

as rich as he is, as much as he earned as aplayer and as much as he still makes from Snickers being an owner is a completey differnt league.

He is a MIdget money wise compared to the Likes of Allen, Cuban, etc.

This can lead directly to his bankrupcy and hving to unretire at 50 or play in europe or whatever so he does not end being a Homeless dude,

lol,you act as if he's the sole owner/buyer,that it will be his money alone.he's part of a group of investors(which is typical of how it works now)

ko8e24
02-27-2010, 04:01 AM
Bad Move.

as rich as he is, as much as he earned as aplayer and as much as he still makes from Snickers being an owner is a completey differnt league.

He is a MIdget money wise compared to the Likes of Allen, Cuban, etc.

This can lead directly to his bankrupcy and hving to unretire at 50 or play in europe or whatever so he does not end being a Homeless dude,

wow bro, I have no f'n clue what you're trying to say here. Bro, im kool with yoi, i respect you, but you have to refine your english just a tad bit. 80% of your posts I have trouble understanding what you're trying to say.

No offense, just trying to help you out here.

JNA17
02-27-2010, 04:01 AM
This can lead directly to his bankrupcy and hving to unretire at 50 or play in europe or whatever so he does not end being a Homeless dude,

Will there ever be a day where anything in your post does not involve europe or something Spaniard or Spaniard?

Hellcrooner
02-27-2010, 04:04 AM
Will there ever be a day where anything in your post does not involve europe or something Spaniard or Spaniard?

Nba explayers who get Bankrupt.


Where do they go to Play?

Finland for example ( Rodman and Pippen)


So its procedent to say so if he gets into Bankrupcy.

ko8e24
02-27-2010, 04:10 AM
Nba explayers who get Bankrupt.


Where do they go to Play?

Finland for example ( Rodman and Pippen)


So its procedent to say so if he gets into Bankrupcy.

I understand this post a bit better :)

And I see what you're saying, but I think with a few playoffs appearances for this team, MJ will be making a good amount of $$

ChiSox219
02-27-2010, 04:24 AM
Bad Move.

as rich as he is, as much as he earned as aplayer and as much as he still makes from Snickers being an owner is a completey differnt league.

He is a MIdget money wise compared to the Likes of Allen, Cuban, etc.

This can lead directly to his bankrupcy and hving to unretire at 50 or play in europe or whatever so he does not end being a Homeless dude,

Jordan has limited liability, he won't go bankrupt. Also, MJ put little of his own money in.

JNA17
02-27-2010, 04:31 AM
Don't see how MJ could go bankrupt, or any icon like him going bankrupt actually lol

kblo247
02-27-2010, 04:32 AM
Aw ****, I can't wait to see what the great mind who never had a winning season as a player in the NBA without Pippen or the exec who drafted Kwame Brown and Adam Morrison in the lottery will do as the undisputed authority of a basketball team.

I mean the guy was the best player to ever lace a pair of sneakers, but I just do not expect him running a team or making basketball decisions as a coach, owner, or scout to ever produce positive results. Hopefully he gets someone who is smarter when it comes to that part of the game and only sticks to giving pointers to players and siging checks.

bigsams50
02-27-2010, 08:30 AM
Great News, hopefully he will be dedicated to winning games,not saving money like ****face was

magichatnumber9
02-27-2010, 08:55 AM
This guy was a garbage GM how is he gonna own a team. I do wish him luck

Reddd
02-27-2010, 09:00 AM
Don't see how MJ could go bankrupt, or any icon like him going bankrupt actually lol

How about Michael Jackson?

JordansBulls
02-27-2010, 09:33 AM
http://sports.espn.go.com/nba/news/story?id=4951410

CHARLOTTE, N.C. -- Michael Jordan has struck a deal to buy controlling interest of the Charlotte Bobcats, putting the former NBA superstar in charge of the money-losing team in his home state.

Traci Blunt, a spokeswoman for owner Bob Johnson, told The Associated Press that Jordan was able to put together an ownership group late Friday to buy the team he has been a part-owner of since 2006. Jordan has been running the team's basketball operations.

The purchase price and details of Jordan's ownership group -- called MJ Basketball Holdings LLC -- weren't immediately available. Blunt said Johnson would have no further comment.

Former Houston Rockets executive George Postolos also bid on the Bobcats and didn't immediately return a message seeking comment.

NBA commissioner David Stern announced at All-Star weekend that a deal was imminent, but the league's owners must still approve the purchase.

It will end Johnson's stint as the first black majority owner of a major professional sports team, while giving Hall of Famer Jordan a new venture.

Jordan won six NBA titles with the Chicago Bulls and has made millions selling sneakers, apparel and other items. Now he'll begin a completely different role trying to make the Bobcats a winner, and the franchise and Charlotte's downtown arena profitable.

After paying $300 million for the expansion franchise that began play in 2004-05, Johnson has lost tens of millions of dollars each season as the Bobcats have struggled to draw fans and find sponsorships.

Johnson, the founder of Black Entertainment Television, recruited Jordan to be a minority investor and gave him the final say on all basketball decisions.

Jordan has had a unique role with the Bobcats. While he has run the basketball operations, he's not officially a team employee and rarely attends practices or games, or does work on the marketing side of the operation.

Jordan has had some missteps -- drafting the disappointing Adam Morrison No. 3 overall in 2006 -- but he was also able to lure Hall of Famer Larry Brown to become coach at the beginning of last season.

Jordan and Brown have made seven trades involving 21 players since the start of last season. The November acquisition of Stephen Jackson from Golden State has helped Charlotte get into playoff contention in the Eastern Conference.

Great News MJ.:clap::clap:

effen5
02-27-2010, 11:05 AM
Nba explayers who get Bankrupt.


Where do they go to Play?

Finland for example ( Rodman and Pippen)


So its procedent to say so if he gets into Bankrupcy.

Umm you do realize the Jordan brand alone is worth 800 mil? That alone would cover the Bobcats, there is no way in hell Jordan would go bankrupt.

As for Pippen and Rodman, they are not icons, they don't own their own brand or a part of a brand, and they are not sponsored by anyone.

Angel2Maverick
02-27-2010, 11:43 AM
Good For MJ :clap:

JNA17
02-27-2010, 12:01 PM
How about Michael Jackson?

good point. However, he had a whole different situation then Jordan. Such as Jordan was not accused of molesting a child :laugh2: .

BALLER71
02-27-2010, 12:06 PM
MJ drafted Adam Morrison. LAWL.

Kakaroach
02-27-2010, 12:10 PM
Not really breaking news but somebody needed to buy the Bobcats. I think he would be a better owner than GM, so hopefully he just sticks to the owning part of business for the Cats.

td0tsfinest
02-27-2010, 12:14 PM
That Bob dude who owns BET is a loser.

He buys an nba franchise and gets board of it in a couple of years. They need to spit in his face by changing the name of the franchise.

RaptorizedKevin
02-27-2010, 01:13 PM
MJ has alot of cash to spend 300 million XD. at least running this buisness he iwll make money and never havta work aggain :] . his children and his childrens childern will never work again.

Hellcrooner
02-27-2010, 01:21 PM
Umm you do realize the Jordan brand alone is worth 800 mil? That alone would cover the Bobcats, there is no way in hell Jordan would go bankrupt.

As for Pippen and Rodman, they are not icons, they don't own their own brand or a part of a brand, and they are not sponsored by anyone.

do you think that Michael Jordan has more money than General Motors?

They had to sell Saab, close hummer and are about to sell Opel because they were Near bankrupcy.

Buying a Basketball team in a SMALL market is risky.

And if he rules it the way he has made draft decisions its going to be a team that loses money for sure.

Also i think other teams may want to try to kill MJS team no matter what im sure half of the Gms out there are burned with HOF inductee speech of MJ and would love to destroy the bobcats.

majestic
02-27-2010, 01:41 PM
Aw ****, I can't wait to see what the great mind who never had a winning season as a player in the NBA without Pippen or the exec who drafted Kwame Brown and Adam Morrison in the lottery will do as the undisputed authority of a basketball team.

I mean the guy was the best player to ever lace a pair of sneakers, but I just do not expect him running a team or making basketball decisions as a coach, owner, or scout to ever produce positive results. Hopefully he gets someone who is smarter when it comes to that part of the game and only sticks to giving pointers to players and siging checks.

you call out jordan for never haven a winning season without pippen, then u go ahead and say he's the best player to put on shoes.. contradicting urself a lil??

i see ur a big kobe bryant fan, well im pretty sure he hasnt won a ring without another all star on his team :P

& im not a kobe hater, he is the best in the game right now.

GodsSon
02-27-2010, 02:00 PM
wow bro, I have no f'n clue what you're trying to say here. Bro, im kool with yoi, i respect you, but you have to refine your english just a tad bit. 80% of your posts I have trouble understanding what you're trying to say.

No offense, just trying to help you out here.

Maybe you need to brush up on your reading skills then, cause I can understand the point he's trying to make just fine; maybe it's just the Spanish-Portuguese connection lol...as for Jordan, good for him, now hopefully he doesn't continue to make stupid basketball decisions

sunnydayin'zona
02-27-2010, 02:08 PM
wow bro, I have no f'n clue what you're trying to say here. Bro, im kool with yoi, i respect you, but you have to refine your english just a tad bit. 80% of your posts I have trouble understanding what you're trying to say.

No offense, just trying to help you out here.

he's from spain, cut him some slack.

SteveNash
02-27-2010, 04:43 PM
Don't see how MJ could go bankrupt, or any icon like him going bankrupt actually lol

It's not hard for Jordan to go bankrupt. He'll just never be poor because of who he is.

As for buying the Bobcats, probably a poor investment.

Bruno
02-27-2010, 05:19 PM
Nike, Gatorade, Coca-Cola, McDonald's, Wheaties and Hanes buy the Charlotte Bobcats.

GodsSon
02-27-2010, 08:01 PM
nike, gatorade, coca-cola, mcdonald's, wheaties and hanes buy the charlotte bobcats.

+1

kblo247
02-27-2010, 10:38 PM
you call out jordan for never haven a winning season without pippen, then u go ahead and say he's the best player to put on shoes.. contradicting urself a lil??

i see ur a big kobe bryant fan, well im pretty sure he hasnt won a ring without another all star on his team :P

& im not a kobe hater, he is the best in the game right now.

Jordan never had a winning regular season record sans Pippen in his career.

I don't trust his basketball mind at all. I love his skill, talent, and game but I don't want that guy running a basketball team after he does stupid **** like draft Kwame Brown and Adam Morrison and deal Rip for nothing.

He is a player, not a front office decision maker. Handling financial stuff is fine as he obviously knows how to make and manage money, but keep the guy away from basketball operations.

xbrackattackx
02-27-2010, 10:47 PM
word

jimbobjarree
02-28-2010, 01:15 PM
I thought he already owned them...how will this be different?

kingjak
02-28-2010, 01:43 PM
well i hope this team makes the playoffs this year, that will help bring in cash. im sure MJ will change the color-way its a New york knick knockoff jersey and maybe the logo and name since its all so elementary, he is known for being a Black and red wearing bull or a white carolina blue wearing tarheel he will make the right physical changes to the franchise, believe it or not a jerseys color or logo can make a huge difference. MJ will make great moves in terms merchandise he can sale stuff thats for damn sure. his foundation is set in terms of players, he wont be winning any titles no time soon so the goal should be competing hard and pushing toward the playoffs.

TopsyTurvy
03-01-2010, 01:50 PM
Jordan's first bit of business - attend shootaround:

http://sports.espn.go.com/nba/news/story?id=4956419


CHARLOTTE, N.C. -- One of Michael Jordan's first acts since reaching a deal to buy the Charlotte Bobcats: losing two games of H-O-R-S-E to guard Gerald Henderson.

A trash-talking Jordan attended the Bobcats' shootaround Monday morning before their game against Dallas, challenging the rookie Henderson to a shooting competition after the workout.

While Jordan made a free throw with his eyes closed and relentlessly needled Henderson, he couldn't hold him off in either game. Jordan also spent time talking with coach Larry Brown and general manager Rod Higgins, but declined to speak to reporters.

Jordan struck a deal late Friday to buy the team from owner Bob Johnson. NBA commissioner David Stern expects the sale to be approved by the end of the month.



Is it a good thing that Jordan seemingly insists to be hands on with the organization?

DerekRE_3
03-01-2010, 02:16 PM
Jordan's first bit of business - attend shootaround:

http://sports.espn.go.com/nba/news/story?id=4956419



Is it a good thing that Jordan seemingly insists to be hands on with the organization?

Are you kidding? The knock on him before was that he wasn't around enough. Plus Larry Brown has a huge amount of say in the organization and only took the job because of Michael Jordan in the first place.

0nekhmer
03-01-2010, 05:05 PM
He should have bought the bulls

SteveNash
03-01-2010, 05:54 PM
Is it a good thing that Jordan seemingly insists to be hands on with the organization?

I don't think it really matters as long as it doesn't get personal.


He should have bought the bulls

Doesn't have the cash and they're not for sale.